Capital gains with two co-signers

[Dario Miles]

I'm hoping this question belongs here.

My family bought a condo a long while back.  I'm looking to sell, looking at a possible $330k in gains.  The loan/deed has myself and my mom on it.

We won't be filing a joint return, obviously, so can the capital gain be split between us, each reporting $165k on our taxes and avoiding the $250k limit for capital gains taxes?

And if that is the case, I assume each one of us would be taxed on that $165k at the normal income tax rate, subject to gross income, deductions, etc?

And if the above is the case, I suppose it would still be better to try to 1031 it?

[Wayne Brooks]

Quote from @Dario Miles:

I should add that it's been my primary and only residence for longer than 5 years.  My mom moved out over 5 years ago.

For you, the exemption applies to your half. Your mom, since it has not been Her primary for over 3 years, she will pay cap gains tax. She wouldn’t be able to 1031 since the seller(s) of this property has to be the Same as the buyer(s) of the replacement property.